'Protect, renew and expand': Federal, N.W.T. gov'ts inject $140M into territorial housing

The federal and N.W.T. governments announced Thursdaythey are investing $140 million in affordable housing in the territory.

The money is earmarked to "protect, renew and expand social and community housing," according to a joint press release between the two governments.

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"[The money will] support the Northwest Territories' priorities related to housing repair, construction and affordability," states the release.

The funding agreement falls under the federal government's National Housing Strategy, a $40 billion, 10-year plan to reduce homelessness across Canada. The strategy was unveiled a year ago.

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The investment announced today will be shared between the federal and territorial governments, with $87.7 million coming from the Government of Canada and $51.7 million coming from the territorial government.

It's a 10 year agreement and money is expected to start flowing April 1 of next year.

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This money will add to a previous federal investment of $150.4 million into housing taken together, the federal government aims to preserve at least 1,231 community housing units in the territory.

According to the press release, the N.W.T. Housing Corporation currently has a housing stock of approximately 2,400 public housing units across the territory, and 500 affordable housing units.